- A deferred loan for down payment and post closing home repairs is available for first time home buyers. The goal of this program is to improve the quality of decent, affordable housing for New York and home buyers.
- Household gross income must be below 120% of the area median income based on family size.
- The deferred loan/grant can be up to $25,000, $32,500, or $40,000 based on family size and household income and the amount of repairs needed on the subject property.
- This is a deferred loan, at 0% interest, with no payments required and a term of 10 years, during which time any refinance or transfer of home title will result in recapture of funds or request from homeowner for subordination of the loan if qualified.
- The home must be used as the primary residence and homeowner is required to remain in the home for 10 years, or the loan must be paid back.
- It is required that 51% of the deferred loan amount must be used for post closing home repairs.
- All home buyers are required to complete Community Development Corporation of Long Island (CDCLI) NeighborWorks® HomeOwnership Center HUD approved Home Buyer Education class and counseling.
- The Home Buyer is responsible for obtaining an Engineer’s report and CDCLI rehabilitation staff will assist in identifying the repairs, contract with licensed and insured contractors to get the best pricing and provide project management and oversight.
- The home being purchased must be located in Nassau or Suffolk County, must be a co-op,condominium, single family or legal two-family home and must be owner occupied. The purchase price cannot exceed $417,000.
- The deferred loan will be secured with a note and mortgage. The income of all household members is used to determine eligibility. This program is in effect while funding is available. The program may end at anytime.
631-471-1215 x 151